S.C. DEPARTMENT OF CONSUMER AFFAIRS ADMINISTRATOR: CARRI GRUBE LYBARKER 2221 DEVINE STREET, SUITE 200 / P.O. BOX 5757 COLUMBIA, SOUTH CAROLINA 29250 PHONE: (800) 922-1594 | FAX: (803) 734-4229 WWW.CONSUMER.SC.GOV
2016 MORTGAGE LOG DATA REPORT JUNE 29, 2017
Page | 1 2016 MORTGAGE LOG ANALYSIS REPORT
1 INTRODUCTION PAGE 2
2 APPLICANT DATA - Applicant Gender, Table 1 - Applications with a Co-applicant, Table 2 - Co-applicant Gender, Table 3 - Applicant Race, Table 4 - Applicant Ethnicity, Table 5
PAGE 3
3 APPLICATION DATA - Application Action, Table 6 - Reason for Denial, Table 7
PAGE 6
4 PROPERTY DATA - Property Type, Table 8 - Owner-occupancy, Table 9 - Average Appraised Value of Property, Table 10
PAGE 8
5 MORTGAGE LOAN DATA - Loan Purpose, Table 11 - Loan Type, Table 12 - Rate Type, Table 13 - Loan Term, Table 14 - Purchaser Type, Table 15
PAGE 10
6 GENERAL DATA OF APPROVED LOANS - Average Loan Amount, Table 16 - Average APR of Loans, Table 17 - Average Income of Applicant, Table 18 - Average Credit Score of Applicant, Table 19
PAGE 13
TABLE OF CONTENTS
Page | 2 2016 MORTGAGE LOG ANALYSIS REPORT
The 2016 Mortgage Log Analysis Report is made available to the South Carolina
Legislature by the South Carolina Department of Consumer Affairs (“Department”) in compliance
with S.C. Code Ann. Sections 37-22-210(C)(2) and 40-58-65(A). Pursuant to S.C. Code Ann.
Section 2-1-230, an electronic version of the report is forwarded to the Office of Legislative
Printing, Information and Technology Systems and to the State Library as provided in Section 60-
2-30.
The submission of the annual mortgage log report is a requirement of the South Carolina
Mortgage Lending Act (“the Act”), which became effective on January 1, 2010. The Act added
Chapter 22, “Mortgage Lending,” to the Consumer Protection Code, housed in Title 37, and
significantly amended Chapter 58, “Licensing of Mortgage Brokers,” of Title 40, “Professions and
Occupations.” These laws require lenders, servicers, and brokers in the mortgage industry to
maintain accurate records and annually report certain mortgage data by March 31.
The mortgage log report analyzes the following data, concerning all mortgage loan
applications taken during the prior calendar year: the borrower’s credit score, term of the loan,
annual percentage rate (“APR”), type of rate, and appraised value of the property. The mortgage
log report also analyzes data required by the Home Mortgage Disclosure Act (“HMDA”), including
the following information: the loan type, property type, purpose of the loan, owner/occupancy
status, loan amount, action taken, reason for denial, property location, gross annual income,
purchaser of the loan, rate spread, HOEPA status, and lien status as well as the applicant and co-
applicant’s race, ethnicity, and gender.
This report is based on the 2016 data received by the Department, in partnership with
the Board of Financial Institutions Consumer Finance Division, through May 2, 2017. As of that
date, the Department received information from 135,748 mortgage applications taken in 2016.
In past years, the Department received information from 97,560 mortgage applications in 2015,
87,560 mortgage applications in 2014, 69,571 mortgage applications in 2013, 65,140 mortgage
applications in 2012, and 43,739 mortgage applications in 2011.
The 2016 Mortgage Log Analysis Report was written and organized by Christine E.
Thompson, Esq. Questions from industry about the report may be directed to
INTRODUCTION
Page | 3 2016 MORTGAGE LOG ANALYSIS REPORT
Table 1
69.9%
67.4%
66.5%
67.8%
67.0%
30.1%
32.6%
33.5%
32.2%
33.0%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%
2012
2013
2014
2015
2016
APPLICANT GENDER
Female Male
Each mortgage lender, servicer, and broker must report the applicant’s information for
mortgage loans that were originated and for mortgage loan applications that did not result in
an origination. The collected information includes the applicant’s gender, ethnicity, race, and
income. The data must be reported for the applicant and for the co-applicant, if there is one.
In Table 4, Applicant Race, the “Other” category includes the following classifications:
American Indian or Alaska Native,
Asian, and
Native Hawaiian or Other Pacific Islander.
APPLICANT DATA
Page | 4 2016 MORTGAGE LOG ANALYSIS REPORT
Table 2
Table 3
36.0%37.5%
41.7%
31.0%32.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2012 2013 2014 2015 2016
APPLICATIONS WITH A CO-APPLICANT
18.1%
21.3%
21.4%
20.0%
21.7%
81.9%
78.7%
78.6%
80.0%
78.3%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0%
2012
2013
2014
2015
2016
CO-APPLICANT GENDER
Female Male
Page | 5 2016 MORTGAGE LOG ANALYSIS REPORT
Table 4
Table 5
82
.8%
78
.5%
75
.9%
78
.6%
74
.5%
15
.2%
19
.3%
21
.8%
19
.0%
21
.7%
2.0
%
2.2
%
2.3
%
2.4
%
3.8
%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
APPLICANT RACE
White African American Other
2.4
%
2.9
%
3.5
%
3.4
%
3.8
%
97
.6%
97
.1%
96
.5%
96
.6%
96
.2%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
APPLICANT ETHNICITY
Hispanic or Latino Not Hispanic or Latino
Page | 6 2016 MORTGAGE LOG ANALYSIS REPORT
Table 6
47.3% 44.5% 46.0%
60.4% 60.3%
26.6%26.6%
29.4%
13.4% 13.3%
26.1% 28.8%24.6% 26.2% 26.4%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
APPLICATION ACTION
Approved Withdrawn Denied
In Table 6, Application Action, the graph displays the percentage of applications that were
approved, withdrawn by the applicant, or denied. The graph does not display the percentage
of loans purchased by an institution.
Table 7, Reason for Denial, displays the reasons for application denials, including credit
history, collateral, debt-to-income ratio, incomplete applications, specified other, and
unspecified other. The term “Specified Other” includes employment history, insufficient cash
(for down payment or closing costs), mortgage insurance denied, and unverifiable income.
APPLICATION DATA
Page | 7 2016 MORTGAGE LOG ANALYSIS REPORT
Table 7
44.2%40.4%
34.6%
27.9%31.5%
12.8%
14.7%
19.5%
19.9%16.4%
12.9%13.0% 14.8%
15.7%17.9%
15.8%
12.3%14.0%
18.5%
18.8%
5.0%
5.6%
9.6% 9.7%7.8%
9.3%13.9%
7.5% 8.3% 7.5%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
REASON FOR DENIAL
Credit History Collateral DTI Ratio Incomplete Applications Specified Other Unspecified Other
Page | 8 2016 MORTGAGE LOG ANALYSIS REPORT
Table 8
94.4%
84.1%86.1%
90.9%87.5%
5.6%
15.9%13.3%
9.1%12.5%
0% 0% 0.7% 0% 0%0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
PROPERTY TYPE
1 to 4 Family Units Manufactured Housing Multifamily
In Table 8, Property Type, the chart refers to whether the loan or application was taken to
purchase a one-to-four family dwelling (“1 to 4 Family Units”), manufactured housing, or a
multifamily dwelling. Loans for individual condominium units were included in the data for
one-to-four family dwelling.
Table 9, Owner-Occupancy, indicates whether the loan application’s designated property will
be the owner’s principal dwelling. “Owner-Occupied” means that the designated property
will be the owner’s principal dwelling. “Not Owner-Occupied” means that the property will
be used as a second home, vacation home, or rental property rather than a principal dwelling.
PROPERTY DATA
Page | 9 2016 MORTGAGE LOG ANALYSIS REPORT
Table 9
Table 10
92.2% 91.1% 92.2% 92.4% 94.2%
7.8% 8.9% 7.8% 7.6% 5.8%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
OWNER-OCCUPANCY
Owner-Occupied Not Owner-Occupied
$2
17
,33
6 $
26
0,9
26
$2
08
,03
6
$2
21
,51
0
$2
34
,45
5
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
C O L L A T E R A L ' S A V E R A G E A P P R A I S E D V A L U E
AVERAGE APPRAISED VALUE OF PROPERTY
2012 2013 2014 2015 2016
Page | 10 2016 MORTGAGE LOG ANALYSIS REPORT
Table 11
47.0%
53.2%
58.5%56.5%
53.9%52.5%
45.9%
40.2%42.8%
44.9%
0.5% 0.9% 1.2% 0.7% 1.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
LOAN PURPOSE
Home Purchase Refinance Home Improvement
In Table 12, Loan Type, the chart refers to Conventional, FHA-insured (Federal Housing
Administration), VA-guaranteed (Veterans Administration), and FSA/RHS-guaranteed (Farm
Service Agency or Rural Housing Service). The term “Conventional” refers to any loan other
than FHA, VA, FSA, or RHS loans.
Table 15, Purchaser Type, shows the purchaser of the mortgage loan within the calendar year.
MORTGAGE LOAN DATA
Page | 11 2016 MORTGAGE LOG ANALYSIS REPORT
Table 12
Table 13
55.9%61.5%
56.7%52.2% 53.0%
27.3%21.7%
22.5% 28.1% 25.6%
11.4% 12.5%15.6% 15.8% 17.9%
5.4% 4.3% 5.2% 3.9% 3.5%
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
LOAN TYPE
Conventional FHA VA FSA/RHS
94.0%
94.1%
93.6%
97.6%
98.0%
1.7%
4.2%
3.0%
1.9%
1.2%
3.2%
0.2%
0.1%
0.2%
0.2%
1.0%
1.1%
3.2%
0.3%
0.6%
90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100%
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
RATE TYPE
Fixed Rate Mortgage (FRM) Adjustable Rate Mortgage (ARM) Hybrid ARM Reverse Mortgage
Page | 12 2016 MORTGAGE LOG ANALYSIS REPORT
Table 14
Table 15
81
.3%
13
.4%
5.3
%
80
.1%
13
.0%
6.8
%
82
.1%
11
.2%
6.7
%
81
.2%
10
.3%
8.5
%
86
.3%
10
.6%
3.1
%
2 0 - 3 0 Y E A R S 5 - 1 5 Y E A R S O T H E R
LOAN TERM
2012 2013 2014 2015 2016
47.7%
11.2%
19.5%
5.2%
0.1%
1.0%
5.5%
5.7%0.2% 3.9%
PURCHASER TYPE Loan was not originated or sold
Fannie Mae
Ginnie Mae
Freddie Mac
Farmer Mac
Private securitization
Commercial bank, savings bank,savings association
Life insurance company, creditunion, mortgage bank, financecompanyAffiliate institution
Other
Page | 13 2016 MORTGAGE LOG ANALYSIS REPORT
Table 16
$1
66
,85
6
$1
62
,89
1
$1
67
,67
2
$1
88
,67
4
$2
05
,70
7
$0
$50,000
$100,000
$150,000
$200,000
$250,000
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
AVERAGE LOAN AMOUNT
In Tables 16-19, Average Loan Amount, Average APR of Loans, Average Income of Applicant,
and Average Credit Score of Applicant, the charts only include data for applicants approved
for a mortgage loan.
GENERAL DATA OF APPROVED LOANS
Page | 14 2016 MORTGAGE LOG ANALYSIS REPORT
Table 17
Table 18
3.9%
4.5%
4.9%
4.6%
4.2%
0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%
2 0 1 2
2 0 1 3
2 0 1 4
2 0 1 5
2 0 1 6
AVERAGE APR OF LOANS
$64,892
$67,795
$75,893
$71,836
$69,923
$58,000
$60,000
$62,000
$64,000
$66,000
$68,000
$70,000
$72,000
$74,000
$76,000
$78,000
2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6
AVERAGE INCOME OF APPLICANT
Page | 15 2016 MORTGAGE LOG ANALYSIS REPORT
Table 19
686
720
712714 715
660
670
680
690
700
710
720
730
2012 2013 2014 2015 2016